Milo
Snapshot
| Location: | Queensland, Australia |
| Ownership: | Under option from GBM Resources (Consolidated Uranium Inc. to obtain 100% interest upon full exercise) |
| Deposit Type: | IOCG breccia style system |
| Primary Minerals: | Uranium, Copper, Gold, and Rare Earths |
| Stage: | Development |
Mineral Resource:
Table 1: Milo Inferred TREEYO resource, at a 300ppm TREEYO cut-off.
|
|
cutoff |
tonnnes |
TREEYO |
P2O5¹ |
CeO2¹ |
La2O3¹ |
Nd2O3¹ |
Pr2O3¹ |
|---|---|---|---|---|---|---|---|---|
|
|
(TREEYO ppm) |
(Mt) |
(ppm, t) |
(%,t) |
(ppm, t) |
(ppm, t) |
(ppm, t) |
(ppm, t) |
|
Grades |
330 |
176 |
620 |
0.75 |
260 |
150 |
80 |
24 |
|
Contained metal |
|
108,000 |
1,330,000 |
46,140 |
26,460 |
13,850 |
4,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sm2O3¹ |
Eu2O3¹ |
Gd2O3¹ |
Y2O3² |
Dy2O3² |
Er2O3² |
Others² |
|
|
|
(ppm, t) |
(pm, t) |
(ppm, t) |
(ppm, t) |
(ppm, t) |
(ppm, t) |
(ppm, t) |
|
|
|
12 |
4 |
10 |
52 |
8 |
5 |
9 |
¹ LREEOs |
|
|
2,170 |
710 |
1,780 |
9,150 |
1,480 |
850 |
1,620 |
² HREEYs |
Table 2: Inferred copper equivalent resource (above 0.1% copper equivalent).
|
|
cutoff |
tonnes |
CuEq |
Au |
Cu |
Ag |
Mo |
Co |
U₃O₈ |
|---|---|---|---|---|---|---|---|---|---|
|
|
(CuEq %) |
(Mt) |
(%, t) |
(ppm, oz) |
(ppm, t) |
(ppm, oz) |
(ppm/t) |
(ppm/t) |
(ppm/M lbs) |
|
Resource |
0.1 |
88.4 |
0.34 |
0.04 |
1,090 |
1.63 |
65 |
130 |
72 |
|
Contained metal |
|
301,000 |
126,000 |
96,500 |
4,638,000 |
5,700 |
11,700 |
14.0 |
|
Overview
The Milo deposit is a large IOCG breccia style system where base and precious metal mineralization occurs as moderate to steeply north-east dipping, sulphide rich breccia zones which are enclosed by a zone of TREEYO-P2O5 enrichment forming a halo to the base metal mineralization. Drilling by GBM from 2010 to 2012 totalled 32 drillholes with each phase of drilling extending the mineralization to the north and south. The drilling has delineated continuous Uranium, Cu and REE mineralization over a strike length of 1 kilometre and up to 200 metres wide. The 2012 drilling program intersected some high-grade Cu mineralization including 2 metres @ 6.19% Cu at 163 m downhole in MIL015, one of the most southerly drilled holes. Oxidation at Milo is generally shallow, typically extending 10 metres to 20 metres below surface. There are currently no drillholes that penetrate the oxidised mineralization and so the nature of any oxide or supergene mineralization is unknown.
Exploration Potential
Exploration potential at Milo is considered to be very good. Much of the previous work at Milo including the bulk of drilling has been directed at The Milo Gossan. A similar gossan occurs immediately to the west (Milo Western Gossan) and is over 1 kilometre long. It has a similar Radiometric signature to Milo. In addition, a further large untested radiometric anomaly occurs approximately 1 kilometre to the North (Milo North) which has the largest radiometric anomaly on the tenement. Previous work has focused on the rare earth potential of the project rather than the Uranium potential.
Acquisition Terms:
• The payment of $500,000 in cash, payable within five days of signing the Agreement.
• The issuance of 750,000 common shares in the capital of the Company (“CUR Shares”) at a price per CUR Share of $2.85 which is based on the 7-day volume-weight average price of the CUR Shares on the TSX Venture Exchange (“TSXV”) up to the date immediately prior to signing of the Agreement.